Hibbett Sports 2010 Annual Report Download - page 37

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33
HIBBETT SPORTS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, except share information)
January 30,
2010
January 31,
2009
February 2,
2008
Cash Flows From Operating Activities:
Net income 32,549$ 29,448$ 30,329$
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 13,905 14,324 12,154
Deferred income tax (benefit) expense, net (2,433) (925) 673
Excess tax benefit from stock option exercises (781) (388) (520)
Loss on disposal and write-down of assets, net 232 513 230
Stock-based compensation 4,157 3,556 3,677
Changes in operating assets and liabilities:
Trade receivables, net (70) (724) (314)
Accounts receivable, other 829 912 (610)
Inventories (17,618) (10,369) (16,022)
Prepaid expenses and other current assets 2,177 1,525 (326)
Accrued income taxes 3,232 (476) (4,154)
Other assets, non-current 169 71 (288)
Accounts payable 489 336 22,109
Deferred rent, non-current (2,319) (1,469) 2,296
Accrued expenses and other 2,396 2,663 (1,212)
Net cash provided by operating activities 36,914 38,997 48,022
Cash Flows From Investing Activities:
Purchase of investments, net (39) (141) (191)
Capital expenditures (9,605) (13,697) (16,376)
Proceeds from sale of property and equipment 41 57 18
Net cash used in investing activities (9,603) (13,781) (16,549)
Cash Flows From Financing Activities:
Cash used for stock repurchases - (16,940) (52,672)
Net payments on revolving credit facility and
capital lease obligations (77) - -
Excess tax benefit from stock option exercises 781 388 520
Proceeds from options exercised and purchase of
shares under the employee stock purchase plan 1,026 1,244 1,054
Net cash provided by (used in) financing activities 1,730 (15,308) (51,098)
Net Increase (Decrease) in Cash and Cash Equivalents 29,041 9,908 (19,625)
Cash and Cash Equivalents, Beginning of Year 20,650 10,742 30,367
Cash and Cash Equivalents, End of Year 49,691$ 20,650$ 10,742$
Supplemental Disclosures of Cash Flow Information:
Cash paid during the year for:
Interest 117$ 659$ 151$
Income taxes, net of refunds 16,955$ 21,162$ 22,031$
Supplemental Schedule of Non-Cash Financing Activities:
Deferred board compensation -$ 10$ 33$
Shares awarded to satisfy deferred board compensation - 664 1,306
Capital leases 345$ -$ -$
Fiscal Year Ended
See accompanying notes to consolidated financial statements.